The U.S.-Iran war, which began two weeks ago, has disrupted the shipping of crude oil and other essential products, with Iran shutting down the Strait of Hormuz, a key shipping route.
Strait Of Hormuz To Remain Closed
The Islamic Republic’s new leader, Mojtaba Khamenei, who has been appointed as the Supreme Leader after his father, Ayatollah Ali Khamenei, was killed in U.S. strikes, has said that the Strait of Hormuz should stay closed.
Iran also has plans to mine the Strait of Hormuz, prompting President Donald Trump to warn the country of military consequences “at a level never seen before.”
Ships attempting to pass through the Strait of Hormuz have been attacked, with explosions reported on two foreign vessels in the last 24 hours, as per a BBC report.
Trump Said US May Escort Ships
Trump had earlier said that the U.S. would accompany ships through the Strait of Hormuz if needed, according to an Al Jazeera report.
Energy Secretary Chris Wright, during an interview with CNBC, said that the U.S. is “simply not ready” to escort oil tankers through the Strait of Hormuz at present.
Here’s What Prediction Market Is Saying
Amid Wright’s comment, the prediction market is not confident about the U.S. deploying its forces to protect ships through the Strait of Hormuz.
Polymarket, a Polygon (CRYPTO: POL) based prediction platform that allows users to wager on an outcome using the USDC (CRYPTO: USDC) stablecoin, is currently betting on a contract “US escorts commercial ship through Hormuz by March 31?”
Bettors have placed a 33% probability on U.S. escorting ships through the Strait of Hormuz by March 31, while 68% of bettors do not think it will happen.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock
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